Vietnam promotes innovative startup ecosystem in Singapore

The “Techfest Vietnam in Singapore” took place in Singapore on November 11 to introduce the Techfest Vietnam festival in 2019 and Vietnam’s innovative startup ecosystem to international partners.

Addressing the event, Deputy Minister of Science and Technology Tran Van Tung highlighted the vital role played by innovation and startup in promoting economic growth, addressing difficulties and challenges, and creating jobs for labourers.

Vietnam has paid special attention to promoting the development of innovative startup ecosystem in policy, infrastructure, financial institution and support service as well.

Vietnam’s startup ecosystem has recorded a strong development in the last three years, attracting nearly US$900 million in 2018 alone, three times higher than that in 2017.

According to Tung, Singapore is one of the countries with the most developed creative startup ecosystem in the world, especially financial technology (Fintech) and blockchain technology, and Vietnam and Singapore have great potential and opportunities to expand collaboration in the field.

He said Vietnam will focus on building and developing entrepreneurship connection networks at national and international scales, promoting the formation of innovation centres nationwide, supporting startups in developing and perfecting technologies, associating with universities and research institutes to commercialize research results, and forming intellectual properties to gradually make inroads into regional and global markets.

Tung expressed his hope that the event will provide useful information for Singaporean partners, thus opening opportunities for more regular and effective cooperation between the two countries.